as the article doesn't provide the data on which the conclusions are based, one can't point to specific numbers to show if the conclusions are valid or not, but
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The report argues similarly on consumer credit, which it said was at a record high in September, the latest date for publicly available data.
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household borrowing declined by over $117B in 3Q 2008 and household debt declined by $30B in that same quarter, and an increase in consumer credit may indicate an inability by the consumer to retire their debt more than any new extension of credit, and
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Local government bond issuance had continued at similar levels to those before the credit crisis
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duh, money is fleeing equities, and seeking a safe haven such as munis and other public entity bonds. these yields have been driven down by the demand. how does this support the idea that the system was functioning for business and individual credit? and
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while bank lending for real estate reached a record level in October 2008, it says
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does the statement say that the amount of real estate debt held by banks "reached a record level" or is it saying that the amount of new loans extended for real estate by banks "reached a record level"? the later is undeniably wrong, and the former doesn't support the idea that there was a functioning environment for real estate lending.
not a great piece to say the least.